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An Allendale broker called the March WASDE mostly neutral, with US corn stocks at 1.502 billion bushels against a trade estimate of 1.471 billion. Brazil soybean production was raised to 134 million tons, a surprise given harvest delays, while Argentina was cut by 0.5 million tons.
Prices traded near pre-report levels.
The report produced little net price movement, but the Brazil soybean increase is a mild bearish factor for soybeans against a bullish corn stocks surprise.
iowaagribusinessradionetwork.comRiley SmithMar 9, 2021After 770 past neutral report events, CORN moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% over 20.
After 563 past neutral report events, SOY moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% over 20.
After 406 past neutral report events, WHEAT moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), and +0.0% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
